This is what a market looks like when it doesn't give you a second bite at the apple. It takes a v-bottom shape and leaves all the "waiting for the pullback" buyers in the dust.

People were waiting for that (at least) 740 or so re-test to buy, buy, buy. Instead the market failed to weaken enough and by the close had the shorts in the corner beating the tar out of them. Only the merciful closing bell put an end to the brutal beating.

So, you want to short it again? It may be best to wait a little bit as the market appears headed to above 800 in short order. This really is beginning to look like a moon shot.

The head & shoulders pattern may have activated near the close. Watch out for that. I know the market's are overbought and the put call ratios are screaming sell but right now that doesn't seem to matter.

This doesn't appear to be our garden variety bear market rally like we've witnessed. This one could have staying power. The good news is it could give some beaten up 401k's a chance to reduce some long exposure at much higher levels.

If you short this thing, keep a tight stop. If you're long, enjoy the ride...it's been a while.